Lease Extension FAQs

What will you have to pay your freeholder to extend your lease?

The amount you should pay for your lease extension can, unsurprisingly, lead to disagreement between Freeholder and Leaseholder. There will be an inevitable difference of opinion, as the Freeholder wishes to charge more, and the Leaseholder expects to pay as little as possible. In order to accurately calculate the premium for your lease extension, you need a professional valuation from a RICS Surveyor. This will enable you to formally approach your Freeholder to extend your lease. Our FREE Lease Extension calculator is a guide only and should not be used in formal negotiations with your Landlord. The first step is to get an Official RICS qualified Surveyor to carry out a certified Lease Extension Valuation, which can then be used to negotiate the premium with your Freeholder/Landlord. A formal valuation is based upon the "RICS appraisal and Valuation Standard 6th edition" as well as the "Leasehold reform housing and urban development act 1993" under which you can formally extend your lease.

What happens once a Lease Extension premium is agreed with the Freeholder?

Now that you have agreed a Lease Extension premium with your Freeholder, all that remains to do is to complete the legal formalities required for the conveyancing if the new Lease (known as the Deed of Variation, or Deed of Surrender and Regrant). Once terms have been agreed, a completely new lease is prepared by the solicitors, one copy is signed by you and the one copy is signed by the freeholder. Once you have paid the lease premium and the other costs mentioned above, your solicitor will register your new lease at the Land Registry. Fridaysmove's highly qualified Lease Extension Lawyers can handle the entire process, and we always work on a low cost, fixed fee basis. Please note that if you have a mortgage, your solicitor will need to obtain your lender’s consent. And some lenders charge a fee for supplying this consent.

What will you have to pay your freeholder to extend your lease?

The amount you should pay for your lease extension can, unsurprisingly, lead to disagreement between Freeholder and Leaseholder. There will be an inevitable difference of opinion, as the Freeholder wishes to charge more, and the Leaseholder expects to pay as little as possible. In order to accurately calculate the premium for your lease extension, you need a professional valuation from a RICS Surveyor. This will enable you to formally approach your Freeholder to extend your lease. Our FREE Lease Extension calculator is a guide only and should not be used in formal negotiations with your Landlord. The first step is to get an Official RICS qualified Surveyor to carry out a certified Lease Extension Valuation, which can then be used to negotiate the premium with your Freeholder/Landlord. A formal valuation is based upon the "RICS appraisal and Valuation Standard 6th edition" as well as the "Leasehold reform housing and urban development act 1993" under which you can formally extend your lease.

What happens once a Lease Extension premium is agreed with the Freeholder?

Now that you have agreed a Lease Extension premium with your Freeholder, all that remains to do is to complete the legal formalities required for the conveyancing if the new Lease (known as the Deed of Variation, or Deed of Surrender and Regrant). Once terms have been agreed, a completely new lease is prepared by the solicitors, one copy is signed by you and the one copy is signed by the freeholder. Once you have paid the lease premium and the other costs mentioned above, your solicitor will register your new lease at the Land Registry. Fridaysmove's highly qualified Lease Extension Lawyers can handle the entire process, and we always work on a low cost, fixed fee basis. Please note that if you have a mortgage, your solicitor will need to obtain your lender’s consent. And some lenders charge a fee for supplying this consent.

Fridaysmove comply with and are subject to the SRA Solicitors' Code of Conduct 2011. Chartered surveyors introduced by Fridaysmove are regulated by RICS (Royal Institution of Chartered Surveyors). Fridaysmove is a trading name of Fitzalan Partners Limited Registered in England and Wales. Company No:07314708 VAT No:105576520 ICO Registration No:Z2607836